Restaurant sale paves way for new wine bar

Joe Rigatoni on Ripon Road in Harrogate was sold off with an asking price of £1.25m by Julie Abbott, who had owned and operated it since 2005.

Lucia Wine Bar and Grill, which has similar operations in York and Beverley, has bought the building.

Leeds-based business transfer agent Ernest Wilson handled the sale.

In early 2013, the agent also handled the letting of the lower ground floor restaurant of Joe Rigatoni to Japanese bar Kaiten Sushi.

Ernest Wilson said it was one
of a large number of sales that
the company had handled recently.

In a statement it said: “There is a clear upturn in the market which has been more significant over the last 12 months particularly towards the top end of the market as access to finance becomes easier and confidence grows.”

Lucia Wine Bar and Grill plans to open in spring and is currently hiring staff for all positions.

Ernest Wilson has a number of businesses across different sectors currently on its books in Yorkshire and across the UK including guest houses, restaurants, tea rooms, newsagents, nurseries and kennels.

Commercial property investment in Yorkshire increased to £920m in 2013 – a 37 per cent rise on the previous year and the highest volume achieved since 2010 – according to recent figures by property agent Lambert Smith Hampton.

Retail and leisure was the most popular asset class among investors in Yorkshire. Deal volumes in this sector represented 44 per cent of the annual aggregate investment figure and amounted to £400m, a 7.3 per cent increase on 2012.

However, it was Yorkshire’s industrial assets that saw the highest increase in activity, with investment rising from £93m in 2012 to £318m in 2013, accounting for 35 per cent of the region’s figure.

The market remains highly polarised as buyers focus on prime assets in the best locations.